Do you write Lessor's Risk policies or Landlord Insurance? Learn how to recognize and understand the different types of commercial buildings, learn about the underwriting guidelines that need to be considered and gain more knowledge about property components and how to insure them. Our team will teach you the secrets to a fast, quotable submission and about the latest industry changes and trends.

Timestamps:

00:00 Start
02:47 Lessor's Risk Only Definition
04:02 Types of Lessor's Risk Buildings
07:40 Underwriting Characteristics to Consider
14:43 Building Property Valuation
19:46 Lessor's Risk Coverages
24:26 LRO Submissions & Quotes

Lessors Risk Definition

Lessor's Risk Only (LRO): provides liability and property coverage for building owners who lease out their entire building; or the building owner occupies a portion of the building and leases out the remainder of the building (Provides coverage for the landlord)

Types of Lessors Risk Buildings:

Professional Buildings – medical offices, professional offices, etc.
Commercial Buildings – warehouses, light mfg., garage businesses, etc.
Mixed Use Buildings – occupied by both commercial and residential tenants
Retail Strip Malls – mercantile businesses, restaurants, etc.
Business Park Associations – Condominiums or PUDs

Underwriting Characteristics to Consider:

Type of Tenant Occupancy
Any vacancies?
Building Characteristics:
-Age of the building
-Building updates
-Maintenance, condition and location of the building
-Number of stories/size of the building
-Sprinklered?

Building Property Valuation:

Building Replacement Cost will vary by:
-State location
-Construction type
-Building height/square footage/age
-Building quality
Building construction cost per square foot will vary by structure use
Building valuation = cost per square foot x total square footage

Lessors Risk Coverages:

Property – Building & other property components
Business Income – Loss of Rents
Building Ordinance – Coverages A, B & C available
Equipment Breakdown
Property Enhancement Endorsement
General Liability
Hired & Non-Owned Auto Liability

Lessors Risk Submissions:

Acord 125, 126 & 140 – include building square footage, tenants, annual rents
Supplemental – We can quote off most carrier’s applications or our LRO supplemental is available on our website
Rent Roll/Tenant List
Statement of Values – if applicable
3-5 Years Loss Runs – We can quote subject to clean loss history
Target Premium

Send your submissions to submissions@cidinsurance.com

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Learn More About CID:
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CID Insurance Programs is an E&S Wholesaler specializing in commercial insurance products designed for independent and captive insurance brokers’ business client’s needs.

Our wholesale business insurance products encompass a broad range of preferred to manageable hard-to-place risks. CID Insurance has developed strong relationships with both admitted and non-admitted markets. Our commitment is to make the quote and bind process fast and easy for our retail insurance brokers.

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